How Can Artificial Intelligence Streamline Your Business

(Please note that this article has been written using AI to demonstrate the basic capabilities of the technology, you will not be able to notice the difference between AI and me. Enjoy!)

Artificial intelligence is making businesses more efficient in a variety of ways. Companies that are not already using AI should consider it, as it can generate impact in many areas of the company, such as automating processes, giving customers better support or developing new products.

In the future, AI will impact even more aspects of business and we will not be able to distinguish between human or machine interactions. For businesses, it is important to stay ahead of the curve and keep up with the latest technology trends. Artificial intelligence is one such trend that looks set to change the business landscape in a big way. Those who embrace it early will be well-positioned to reap the rewards. But however it will look like in the future, we need to understand what artificial intelligence is and how it can help businesses today.

Let's Set the Common Ground: What Is AI?

Artificial intelligence (AI) can be defined in many ways, but in general it is about creating and implementing intelligent machines, software, programs or code that can work, react, think and perform like or better than humans.

Some common examples of artificial intelligence include machine learning, natural language processing, robotics, face and voice recognition. These are just a few examples, but there are many other forms that can read, understand, perform (and sometimes improve) human behavior.

The Impact of AI on Businesses Today

The most common application of AI used by companies today, without even noticing, is the automation of tasks or processes that are repetitive or time-consuming. Currently, software like SAP and Oracle include AI functions that allow users to be more productive and efficient in their daily tasks; for example, software modules that can help users analyze data and identify patterns and anomalies that can be used to improve efficiency or prevent problems before they occur. Other examples include how to automate tedious processes, such as financial reporting, human resources administration, and data entry.

But rather than talking about automation and simple tasks, it is important to showcase applications that are evolving how we manage, operate and grow businesses. Here are some examples that can give us important lessons or inspiration to apply in our businesses.

Product Development

I will start with my favorite, NotCo. NotCo is a company that specializes in developing plant-based products to replace animal or "original" products without changing the flavor, textures or functionality of the original product. For instance, creating plant-based milk that tastes, cooks, foams and feels like normal milk but is made with plants. The same can apply to  many other products.

To achieve that, NotCo developed Giuseppe, an AI tool that understands every piece of information available on the chemistry of plant-based ingredients and combines them in recipes to recreate and imitate animal-based products, such as mayo, milk, meat, ice cream and many others. Every time the AI comes up with a new recipe, it sends it to a chef who will start cooking hundreds of recipes per month to create the product and give feedback to Giuseppe so he can perfect it.

NotCo is now able to reduce by years the time and resources needed to create products like this. Take, for example, their first product, NotMayo. It took them 18 months to be ready for market. Their last product, Not Ice Cream, took them only six months.

In other applications around product development, AI is used to create products or services that are better tailored to customer needs and preferences. Analyzing past customer behavior, artificial intelligence can predict what future customers will want and need. This information can then be used to develop products that are more likely to be successful.

Customer Service

Chatbots and AI-powered conversation tools are transforming the way businesses interact with their customers. By automating customer service, businesses are able to provide 24/7 support, quickly resolve common issues and free up customer service representatives to handle more complex inquiries. In addition, chatbots can collect data about customer interactions that can be used to improve the customer experience in the future.

For example, Ali Xiaomi, a complex chatbot developed by Alibaba that can understand more than 90 percent of customers’ queries, did 94 percent of the talking and customer service during the Chinese “Singles’ Day” holiday on Nov. 11, 2020, when Alibaba’s online transactions exceeded US$74 billion.

Recent statistics regarding the aftersales automated and chat-AI-enabled service of Alibaba, in terms of delivery, returns, and warranty, earns customer satisfaction ratings that are 3% higher than the service delivered by staffers.

Real-Time Decision-Making

In many businesses, artificial intelligence is used to make decisions in real time. For example, when a customer is browsing a website, artificial intelligence can be used to personalize the experience by showing products that are more likely to be of interest to the individual. This is done by analyzing past behavior and using predictive analytics to understand what the customer is likely to want or need in the future like the example of customer service.

In other cases, artificial intelligence can be used to make decisions about how to best use resources. For example, Uber uses artificial intelligence to route drivers in real time so that they can pick up the most passengers and minimize wait times or help bike riders to plan multiple pickups and deliveries according to their experience, capabilities and goals. This not only improves the customer experience but also helps Uber save money by reducing the amount of time drivers spend waiting for a fare

How Can I Implement AI Into My Business?

As we have seen, artificial intelligence is currently being used in businesses to automate tasks, develop products, provide customer service and make real-time decisions. In the future, AI will become even more prevalent and integrated into businesses of all sizes, becoming more prevalent and important in how they operate, manage and grow.

For businesses that have not yet started using AI, the first step is to educate yourself on what AI is and how it can be used in your business. Once you have a basic understanding, you can begin to look for ways to implement it in your business. If you're not sure where to start, there are plenty of resources available online or you can hire a consultant to help you.

Building a team to work on artificial intelligence projects can be done in-house or by outsourcing to a specialized company. It is important to have a team that is dedicated to working on AI projects as they can be time-consuming and require a lot of attention to detail.

If you are not yet using artificial intelligence in your business, now is the time to start. With so many benefits, there is no reason not to at least explore the possibilities of how AI can help you grow and improve your business.

What other ways do you think AI will impact businesses in the future? Let us know in the comments below or contact me directly to discuss and learn from your current AI applications to showcase them in future posts.